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Author Topic: Teen crook hacked into 75 phones and stole $1M in cryptocurrency: authorities  (Read 853 times)
Bitcoinislife09
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January 31, 2020, 03:59:15 PM
 #61

Sim swapping could really be a problem. If a teenager could do that then we can easily say that other people can do sim swapping. Just imagine the damage that this could do and even if our accounts do have 2 factor authentication, it will put our accounts in jeopardy. It could compromise a lot of accounts and get personal informations. They should take preventive measures immediately.
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bryant.coleman
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January 31, 2020, 04:31:59 PM
 #62

This sim swapping hack is seriously horrible, nearly all services use sim ID for verification, it’s just a matter of time the entire banking to be plagued with sim swapping hacks too, any counter measure would be futile.

A few days back, I had to swap my 3G SIM for one which had 4G. It went well, but I was very concerned. As a precaution, the telecom provider blocked the SMS facility for 24-hours. I think this prevented a lot of scam attempts, as in the majority of the cases the criminals are making use of the SMS loophole. But two questions are unanswered here. How did the criminal came to know that the victims had this much money in their cryptocurrency wallet? And secondly, how he was able to hack the Google authenticator?
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January 31, 2020, 04:36:11 PM
 #63

It's just a matter of time before these bad eggs are going to be caught, either they make a mistakes or authorities are simply hunting them down.
Yeah, not always.  What about all of these exchange hacks?  That 7000BTC Binance hack was never solved that I know of.  How about that huge ETH hack that resulted in the fork a couple of years back?  I remember that huge debacle in general if not in specifics, and I don't think the culprit was ever caught. 

The fact is, most crypto crooks get away with it--at least from what I've seen over the years.  This guy was probably caught because he was really young and screwed up and left a trail that led the cops to his door.  Too bad more idiots like him aren't apprehended.

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February 01, 2020, 04:32:18 AM
 #64

It's just a matter of time before these bad eggs are going to be caught, either they make a mistakes or authorities are simply hunting them down.
Yeah, not always.  What about all of these exchange hacks?  That 7000BTC Binance hack was never solved that I know of.  How about that huge ETH hack that resulted in the fork a couple of years back?  I remember that huge debacle in general if not in specifics, and I don't think the culprit was ever caught. 

The Binance hacked of 7000 BTC has not moved ever since:

https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea

And I'm sure a lot of eyes are looking into it and waiting for the hackers to make the mistake of either moving it to an exchange or a mixing service and all Binance will do is to contact that services and request to block the transactions.

The fact is, most crypto crooks get away with it--at least from what I've seen over the years.  This guy was probably caught because he was really young and screwed up and left a trail that led the cops to his door.  Too bad more idiots like him aren't apprehended.

Yeah, I would agree that he was too green in this game and that's why he was caught.

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February 01, 2020, 09:16:27 AM
 #65

A wake up call for the cryptocurrency investors and holders.

What happened is a wake up call for them. He is just a young guy but he already did this. How much will the other younger people will do in the future. On the other hand, this is a warning for those holders that they must double their security when it comes to cryptos that they are holding because things like this can happen anytime. Hackers and scammers are lurking everywhere so our holdings must be secured properly.

TBH, he is a skilled young guy but what he did is just wrong. If he used his skills on the right way then this will not happen.

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redsun114
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February 01, 2020, 12:47:24 PM
 #66

A wake up call for the cryptocurrency investors and holders.

What happened is a wake up call for them. He is just a young guy but he already did this. How much will the other younger people will do in the future. On the other hand, this is a warning for those holders that they must double their security when it comes to cryptos that they are holding because things like this can happen anytime. Hackers and scammers are lurking everywhere so our holdings must be secured properly.

TBH, he is a skilled young guy but what he did is just wrong. If he used his skills on the right way then this will not happen.
Youngsters usually have a tendency to make quick profits. They are the ones who might be having most greed into their minds. They would not find suitable jobs for them to earn that great income which they might find in scamming someone and this is what makes them get more advanced in scamming someone. This is the worst thing they ever do. Once they are caught, they might lose their further career and might end up behind bars.

But, they would not initially think about it if they are seeing huge profits in scamming anyone. Youngsters are most advanced and are slightly close to technology which allows them to be more futuristic but they should use their skills in the cause for betterment rather than hacking and stealing money from others.

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February 03, 2020, 08:51:19 AM
 #67

Only few years of sentence would not be enough for such scammers but instead they should be heavily charged for breaking into someone other's mobile phone and stealing their private information. They should at least be charged to more than 150% of the actual damage they took so that the victims who lost their money in such hack can recover their loss as well as the authorized entity who is been taking legal action against such scammers too makes some benefits by penalizing the scammers.

This would also create fear in minds of other people whoever though to do something huge to scam anyone. This would bring more security to the people who are linked with the bitcoins or cryptocurrencies.

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February 03, 2020, 09:09:45 AM
 #68

A wake up call for the cryptocurrency investors and holders.

What happened is a wake up call for them. He is just a young guy but he already did this. How much will the other younger people will do in the future. On the other hand, this is a warning for those holders that they must double their security when it comes to cryptos that they are holding because things like this can happen anytime. Hackers and scammers are lurking everywhere so our holdings must be secured properly.

TBH, he is a skilled young guy but what he did is just wrong. If he used his skills on the right way then this will not happen.

A bit late for me to this news but not sure why there hasn't been a good fix for this sim swapping tech, even though it's at least been two years since the first case. Also, not sure why it hasn't happened (or I haven't heard of it) outside of the US yet. Is it because sims have to be ID registered in SEA and when it's cloned the provider can detect 2 instances of it?

This kills 2FA. And makes me wonder if it's just safer remembering private keys and NOT using 2FA.

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February 03, 2020, 10:20:46 AM
 #69

They should at least be charged to more than 150% of the actual damage they took so that the victims who lost their money in such hack can recover their loss as well as the authorized entity who is been taking legal action against such scammers too makes some benefits by penalizing the scammers.
It's pointless to charge ridiculous sums of money from the hackers when you don't know if they'll ever be able to cough it up. It's just as pointless as sentencing someone to hundreds of years of imprisonment.

This would also create fear in minds of other people whoever though to do something huge to scam anyone. This would bring more security to the people who are linked with the bitcoins or cryptocurrencies.
In certain countries there is the death penalty. If the death penalty isn't enough to prevent people from committing crimes, what would a silly fine do that people will never be able to pay off? If you're already fined like millions, the next couple of millions in extra fines won't change anything at all so you can basically continue stealing from innocent people.

People just need to be even more careful about how they store/secure their cryptos. It's once again a sign that mass adoption is far away.
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February 03, 2020, 04:47:52 PM
 #70

A bit late for me to this news but not sure why there hasn't been a good fix for this sim swapping tech, even though it's at least been two years since the first case. Also, not sure why it hasn't happened (or I haven't heard of it) outside of the US yet. Is it because sims have to be ID registered in SEA and when it's cloned the provider can detect 2 instances of it?

This kills 2FA. And makes me wonder if it's just safer remembering private keys and NOT using 2FA.
Sim-swapping tech or whatever they are calling it does happen outside USA..Also, it is sim-cloning because the hacker's sim imitates the original sim which basically goes offline. By the time people realize that its not just a network issue, they may have had their emails compromised and passwords changed.
In my country, there have been several of these sim frauds with people losing money from their bank accounts. The SIM card is linked with everything from the UID to bank account to the Tax identity of a person. Having one of these compromised is a nightmare scenario that I fear none of us are well prepared for.

I mean what really you can do if your network goes offline in the dead of the night? Are there really any mitigation strategies for this?
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